Investmentgesetz 2011 gm

In particular, the Supervisory Authority may demand a description of the algorithmic trading strategies, details of trading parameters and trading limits to which the system is subject, the most important procedures for assessing risks and for complying with the provisions of section 33, and the particulars of its systems testing. Volume 25 Issue 6 Decpp. Please note that corrections may take a couple of weeks to filter through the various RePEc services. In order to prevent risks to the proper functioning of exchange trading operations, trading participants shall be required to ensure an appropriate ratio between order entries, modifications and cancellations on the one hand and actually executed orders on the other order-to-trade ratio.

Section 2 Definitions b. Section 26b Minimum tick size 2. Section 3 Functions and powers of the Exchange Supervisory Authority b. An investment services enterprise that conducts algorithmic trading must also have in place effective business continuity arrangements to deal with unforeseen failures of its trading systems and must ensure that its systems are fully tested and properly monitored. Volume 21 Issue 6 Decpp. You can help correct errors and omissions. Section 33 Organisational requirements 4.

Zeitschrift für Bankrecht und Bankwirtschaft

We have no references for this item. The right of a person authorised to engage in exchange trading in accordance with subsection 5 shall be suspended for as long as the undertaking for which that person engages in exchange trading is suspended from trading.

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Investmentgesetz gm »

We appreciate your feedback helpful less helpful. An appropriate order-to-trade ratio shall be deemed to exist in particular if such ratio is economically reasonable based on the liquidity of the respective financial instrument, the specific market situation or the function of the trading enterprise.

Section 1 Definition of terms b. If there is evidence to justify the assumption that exchange law rules or regulations are being infringed or other irregularities have occurred which could pose a threat to the orderly conduct of trading on an exchange or the settlement of exchange transactions, the Exchange Supervisory Authority may, to the extent necessary to perform its functions, demand information and documents as well as copies thereof from anyone, and may subpoena and question individuals.

General contact details of provider: For an enterprise that is not domiciled in Germany and that is not an enterprise within the meaning of section 53b 1 sentences 1 and 2, sentence 1 shall apply with the proviso that a complete application for authorisation must be submitted investmentvesetz 14 February If you are a registered author of this item, you may also want to check the “citations” tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

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